(HRBN) Harbin Electric – Analyst Drastically Raised Full-Year Estimates

December 1st, 2009

Harbin Electric, Inc. (HRBN) analysts are raising estimates after a record-setting quarter.

Company Description

Harbin makes various electric motors for a variety of Chinese industries including factory automation, transportation, and medical devices. The company is headquartered has several factories throughout China.

Record Revenues

On Nov 10 Harbin released third-quarter results that included record-high revenues of just under $50 million, an 18% increase from last year.

Net income for the period was $11 million, up 41% from the same period last year and up 48% sequentially. This translated into earnings per share of 40 cents, almost double the Zacks Consensus Estimate of 21 cents. Harbin has topped estimates 3 times in a row.

Analysts React

Following the earnings surprise analyst drastically raised full-year estimates. The Zacks Consensus Estimate for this year is up 33 cents to $1.61, a 35% growth rate.

Estimates for next year are averaging $2.03, up from $1.58 and good enough for a 27% growth rate.

Great Value

The Chinese economy has been on fire, making it almost impossible to find good value to go along with the country’s growth. However, Harbin continues to trade at a bargain, just 12 times forward earnings. The PEG ratio is only 0.6 times.

The Chart

Shares of HRBN saw a nice spike after the earnings report but have since tapered off. Fortunately, the stock is still above pre-announcement levels. Look for support to develop here before a move higher.

Zacks Investment Research

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Quicknote for Year End (Centrifugal Deforest, 12/31/09)
Alfred Little Strikes At Latest "Brazen Fraud" – Harbin Electric (NASDAQ:HRBN) (Wall Street Sector Selector, 9/6/11)
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US Hot Stocks: MCP, HRBN, TSLA, APWR (Stock Wizard, 6/17/11)
Read more on Harbin Electric at Wikinvest

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